As mentioned earlier, blockchain is now a much larger concept, from distributed cloud computing to NFT. The blockchain path can be divided into:
Blockchain 1.0: is Currency
The implementation of distributed ledger technology led to its first and most visible use: cryptocurrencies. Enables blockchain-based financial transactions. Bitcoin is the best-known example.
Blockchain 2.0: Smart Contracts
Smart Contracts are small computer programs that “live” in a blockchain. Used as a contract replacement, Smart Contracts automatically maintains and controls pre-set conditions, such as forwarding, verification, or enforcement.
Blockchain 3.0: DApps
DApps is an acronym for decentralized applications that have their backend code on a decentralized p2p network. A DApp can have a frontend written in any language that can send a request to its backend, just like a traditional web application.
The Limitations of The Blockchain
However, Blockchain is still at an early stage, full of limitations, but expanding at an impressive rate. Here is a cheat with all the current limitations of Blockchain.
Although Blockchain is still a proof or concept, it already runs thousands of decentralized applications and millions of users. A $ 1.5 trillion market developed for developers, making it one of the most sought-after skills in the technology sector